Royal Bank of Canada Reiterates Sector Perform Rating for Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN)‘s stock had its “sector perform” rating reissued by Royal Bank of Canada in a report released on Friday,Benzinga reports. They currently have a $50.00 price target on the energy company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 39.04% from the stock’s current price.

DVN has been the subject of a number of other research reports. Citigroup decreased their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. UBS Group reduced their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective for the company. Finally, Evercore ISI reduced their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.48.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.81 on Friday, reaching $35.96. 5,447,175 shares of the company’s stock were exchanged, compared to its average volume of 9,752,260. The firm has a market capitalization of $23.62 billion, a price-to-earnings ratio of 6.67, a PEG ratio of 1.10 and a beta of 2.00. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The business’s 50-day moving average is $35.67 and its two-hundred day moving average is $40.73. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company earned $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts forecast that Devon Energy will post 4.79 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of the business. William B. Walkup & Associates Inc. bought a new position in shares of Devon Energy during the second quarter valued at $1,026,000. Legacy Investment Solutions LLC bought a new position in shares of Devon Energy during the third quarter valued at $8,002,000. Bridgewater Associates LP bought a new position in shares of Devon Energy during the third quarter valued at $9,426,000. Petrus Trust Company LTA lifted its holdings in shares of Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after acquiring an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in shares of Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.